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Monument to inequality? $95 million Penthouse is sold in Manhattan

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Monument to inequality? $95 million Penthouse is sold in Manhattan

432 Park Avenue â€“ this is the address of the New York skylineâ€™s newest ornament and of the tallest residential tower in the Western Hemisphere. With over 400,000 square feet of usable interior space, there are only 104 units for people to live in the tallest building in New York City. 432 Park Avenue is a monument to the epic rise of the global super-wealthy. Its rooftop, roughly a quarter of a mile high, makes it the tallest building in New York and the highest residential tower in the western hemisphere. At 96 stories (1,396 feet), it has no company in the space it occupies atop Manhattanâ€™s skyline. The Empire State Building tops out some 150 feet below that. Absent its spire, the newly built World Financial Centerâ€”itself a giantâ€”is 28 feet shorter than this new cathedral to uber-wealth. 432 Park Avenue can be seen from all five boroughs of New York City, from inbound Metro-North trains coming in along the Harlem River, from the Meadowlands in New Jersey, and from several vantage points on Long Island. Its lone silhouette dominates the skyline from every angle. It demands your attention in a way that no residential building ever has. It is widely believed that the building will only be one-quarter occupied at all times, even though it will be completely sold out. Keep in mind that these are pied-a-terres that begin at $7 million each and include several full-floor parcels in the $75 million range. More than anything else, this speaks to the insatiable appetite of the worldâ€™s greatly expanded billionaire class. Middle Eastern oil magnates, Chinese billionaires, Russian oligarchs, and the Latin American aristocracy all have one thing in common: More money than they know what to do with and a desperation to get as much of it out of their home countries as possible. New York real estate works very well as both a facilitator of this as well as a store of value. In May 2013, the top-floor penthouse of the building was sold for an astonishing $95 million. Half of the buildingâ€™s apartments were under contract, with projections of $3 billion in total sales. This are the pictures of how the Penthouse will be when it is totally finished: